Atlantic Airways P/F - Ársreikningur

Atlantic Airways Q1 2013: Increased turnover and narrowing deficit

Revenue increased 13% to DKK 104.1 million in Q1 2013 from DKK 91.9 million in
the corresponding period in 2012. The increase is mainly attributable to
increased charter activity and an increase in passenger numbers on scheduled
services. 

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the
first quarter of 2013 increased 91% from DKK 7.0 million in the first quarter
of 2012, to DKK 13.4 million. 

The result before tax (EBT) for the first quarter of 2013 was DKK -3.3 million,
compared with DKK -5.3 million for the first quarter of 2012 and the result
after tax was DKK -2.7 million, compared with DKK -4.3 million in the first
quarter of 2012. 

The supply of seats in the first quarter was around 20% higher than in  the
corresponding period last year due to the new A 319 platform on the main route
to Copenhagen. Passenger traffic on scheduled services increased 14% in the
same period. Some of this growth in March is also supported by Easter traffic
fluctuation. 

“Growth in traffic has been significant although there is still room for better
loads in the low season.  Growth has been driven by low fare campaigns and
supported by Easter fluctuations and some growth in ‘must-go' traffic,” says
Magni Arge, CEO. 

 “The first 12 months of Airbus operation have been very succesful. The
aircraft has performed well and above our expectations in all seasons. The
growth in supply has led to a growth in demand although there is still room for
improving the load factor. And the groundbreaking RNP AR navigational aid
system has made it possible for us to improve regularity to a level on a par
with less demanding airports. The next step for us is to introduce the second
Airbus in June. It will be modified to RNP standard as it will service both the
route network to the Faroes as well as charter operations out of Denmark,” says
Magni Arge. 

Atlantic Airways expects an increase in the full-year result in 2013, compared
with 2012, yet fuel prices, adverse weather and increased competition may have
a negative impact on the result. Other risk factors mentioned in the section
‘Risk management' in the annual report 2012 may similarly affect the financial
performance. 





For further information contact:

Magni Arge, CEO, tel. +298 213700, magni@atlantic.fo

Marius Davidsen, CFO, tel. +298 213703, marius@atlantic.fo

Joen Remmer, COO, tel. +298 213702, remmer@atlantic.fo

Attachments:

AA Q1 2013 report.pdf